As many people know from personal experience, being a student these days can be a costly affair, with many of those that are keen to get a further education to improve their job prospects having to put themselves in huge amounts of debt for the privilege. Whilst in years gone by students could justify getting into this amount of debt because of the improved job prospects that their advanced education would give them the students of today are having to face a double whammy of getting into a lot of debt and still having bleak prospects when it comes to jobs.
Research that was published recently indicated that many graduates face a bleak future, bogged down with a load of debt that they have had to take on to get their further education and affected by bleak job prospects despite having an advanced education. The data showed that it now takes an average eleven years for students to clear their debts after leaving university. On top of this, nearly 40 percent of students have been forced to put their lives on hold as a result of these high debt levels.
The research was carried out by uswitch.com with the results showing that close to 60 percent of students had been unable to save money because of their debts and nearly 50 percent had been forced to put off buying a home, further pushing up the average age of the first time buyer in today’s market. Over 30 percent had been unable to start a pension when they wanted to and nearly 30 percent had delayed plans for marriage.
Tags: jobs, Student, Financial Services, s market, high debt levels, education, research, first time buyerOne personal finance expert said: “The fact that graduates have to put their life on hold because they are knee deep in student debt is a sorry state of affairs. And as fees go up, students risk running up even bigger debts. But without a degree, getting a job in today’s stagnant market may be even harder.”
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